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FILL IN ALL EMPTY BOXES/SPACES URGET HELP Purchase-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co, on account, $254,500, terms 1/30. The
FILL IN ALL EMPTY BOXES/SPACES URGET HELP Purchase-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co, on account, $254,500, terms 1/30. The cost of the goods sold is $152,700. Showcase issues acredit memo for $30,000 for merchandise returned prior to Balboa paying the original invoice. The cost of the merchandise returned is $17.500 a. Journalize Balboa Co.'s entry for the purchase. b. Journalize Balboa Co's entry for the return of the merchandise for credit. c. Journalize Balboa Co.'s entry for the payment of the invoice Sales Tax Transactions Journalize the entries to record the following selected transactions: a. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000. If an amount box does not require an entry, leave it blank. b. Paid $61,750 to the state sales tax department for taxes collected
FILL IN ALL EMPTY BOXES/SPACES URGET HELP
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